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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2018
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2018
On Monday there wasn’t much economic news so trade worries took center stage. FANG stocks were weak but the general markets held steady.
On Tuesday the JOLTS job openings report for July jumped 1.7% to 6.94 million openings as businesses increase hiring. The yield on 10-year Treasuries rose to 2.98% as signs of inflationary pressure pick up and potential Fed rate hikes approach. West Texas Intermediate crude rose 2.8% to settle at $69.44 a barrel as incoming Hurricane Florence threatened to disrupt supplies, and after an attack on Libya’s state-run oil company.
On Wednesday the producer price index for August declined .1%, with a year to year increase of 2.8%. The Fed released their Beige Book for August and used modest to moderate to describe categories like economic growth, consumer spending, and home construction. However, employment is the brightest spot in this recovery, with labor markets described as tight throughout the country, with both high and low skill labor shortages. Wage growth was described as modest. Markets rose slightly as reports surfaced that the U.S. reached out to China to attempt to restart trade talks.
On Thursday the Consumer Price Index for August rose .2% on top of the previous month’s .2% gain and jobless claims for the week ending September 8th fell 1,000 to 204,000. The Dow Industrials gained 147 points and the tech sector did particularly well.
On Friday retail sales for August rose .1%, their smallest gain since February, and lower than expectations. Import prices for August declined .6%, and export prices declined .1%. Industrial production for August rose .4%. Markets opened slightly higher on the news. Now let’s take a look at some stocks.
Alibaba Group Holding Limited (NYSE: BABA) announced on Monday that Chief Executive Officer Daniel Zhang will succeed Jack Ma as the new Chairman of the board next year. Ma will continue as Executive Chairman over the next 12 months as Zhang transitions to the new role. Alibaba shares fell 2.8% on Monday.
Sonos, Inc. (NASDAQ: SONO) reported its fiscal third quarter financial results. Revenue fell 6% year over year to 208 million as net loss widened to 27 million or 45 cents per share. Sonos shares plummeted 13% following the report.
Activision Blizzard, Inc. (NASDAQ: ATVI) launched its Call of Duty: Black Ops 4 Private Beta on the Playstation 4 on Monday. The beta test was highly anticipated and the game received optimistic feedback from players and reviewers. Activision shares jumped 6.1% on Tuesday.
Apple Inc. (NASDAQ: AAPL) held its Keynote Event on Wednesday and showcased its newest upcoming products. Apple unveiled its new Apple Watch Series 4, the updated HomePods and its three latest iPhones: the iPhone XS, XS Max, and XR. The pricing of the iPhones and the A12 Bionic chip led to strong sales projections, causing Apple shares to gain 2.1% on Thursday.
The Kroger Co. (NYSE: KR) reported its fiscal second quarter results with an adjusted earnings per share of 41 cents on revenue of 27.9 billion. Kroger topped earnings estimates, but missed revenue estimates, sending shares 9.1% lower on Thursday.
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